London CNN — Natural gas prices have spiked again this week, just as Europe prepares for the heating season. The price of Dutch natural gas, the European benchmark, has jumped 24 percent to €40 ($44) per megawatt hour since Tuesday on news of potential industrial action at liquefied natural gas (LNG) plants in Australia. US natural gas prices have climbed 18 percent so far this month. “As much of the spare LNG supply comes from the US, natural gas prices there have also jumped higher,” he added. The sudden rise in gas prices follows a recent run-up in oil prices, driven by production cuts by major exporters such as Saudi Arabia and Russia.

Source: Egypt Independent August 11, 2023 13:38 UTC